European, US Stocks Gain As Traders Mull Recovery, Virus Spike

European and US stock markets rebounded Tuesday, as investors brushed aside losses in Asia and weighed the strong economic recovery against rises in virus cases

London, (UrduPoint / Pakistan Point News - 29th Jun, 2021 ) :European and US stock markets rebounded Tuesday, as investors brushed aside losses in Asia and weighed the strong economic recovery against rises in virus cases.

The Dollar made solid gains against the euro and pound as renewed virus curbs saw moves to safer assets.

Dollar-denominated oil prices gained after the previous day's sharp losses, which had been driven by concerns that fresh lockdowns would dampen demand.

OPEC and other major producers will decide to lift output at their meeting this week.

With news of US President Joe Biden's bipartisan infrastructure deal having run its course and inflation worries continuing to linger, traders are looking to key US jobs data later in the week and the beginning of corporate earnings season next month for inspiration.

On Wall Street, the Nasdaq and S&P 500 each clocked up fresh records Monday, helped by a fresh bump in tech firms, and the Dow Jones index was higher in early trading on Tuesday as well.

But Asian stocks retreated as the more contagious Delta virus variant sent infection rates soaring, in turn forcing governments to try and prevent another deadly wave of the disease.

"European stocks are pushing higher on Tuesday, following on from record highs reached on Wall Street, but (there was) a more subdued session in Asia as Covid cases rise," noted Oanda market analyst Sophie Griffiths.

In Australia, the cities of Sydney, Perth, Brisbane and Darwin have all been put into lockdown, with leaders in the country also struggling to get its inoculation programme up to speed.

The disease has led to similar measures in South Africa, while Russia, parts of Asia, Europe and South America have also witnessed worrying spikes.

Meanwhile, a surge in Britain, which has one of the most successful vaccination rollouts in the world, has caused a number of other countries to ban flights from there or put up strict quarantine rules.

The developments have raised concerns that the forecast global recovery could be knocked off course or at least slowed.

- Key figures at 1330 GMT - London - FTSE 100: UP 0.5 percent at 7,111.45 points Frankfurt - DAX 30: UP 1.2 percent at 15,739.04 Paris - CAC 40: UP 0.6 percent at 6,597.28 EURO STOXX 50: UP 0.8 percent at 4,121.94 New York - Dow: UP 0.4 percent at 34,426.54 Tokyo - Nikkei 225: DOWN 0.8 percent at 28,812.61 (close) Hong Kong - Hang Seng Index: DOWN 0.9 percent at 28,994.10 (close) Shanghai - Composite: DOWN 0.9 percent at 3,573.18 (close) Euro/dollar: DOWN at $1.1892 from $1.1930 at 2100 GMT Pound/dollar: DOWN at $1.3834 from $1.3880 Euro/pound: UP at 85.96 pence from 85.90 pence Dollar/yen: DOWN at 110.59 Yen from 110.60 yenBrent North Sea crude: UP 0.6 percent at $75.16 per barrelWest Texas Intermediate: UP 0.7 percent at $73.41 per barrel